08:37 AM EST, 01/05/2026 (MT Newswires) -- Venezuela's state-owned oil firm PDVSA has started reducing production by shutting down oilfields and well clusters as it is running out of storage capacity and diluents due to the US oil blockade, Reuters reported Monday, citing sources.

The company also asked joint ventures to cut production, including Chevron's ( CVX ) Petropiar and Petroboscan, China National Petroleum Corporation's Petrolera Sinovensa, and Petromonagas, the report said. One source said Sinovensa workers were preparing to disconnect up to 10 well clusters at PDVSA's request.

Chevron ( CVX ), which has a US license for operations in Venezuela, has not yet reduced production due to available storage capacity, particularly at Petropiar, according to the report. However, Chevron ( CVX ) shipments to the US have stopped since Thursday, Reuters said, citing shipping data on Sunday.

In an emailed statement to MT Newswires, Chevron ( CVX ) said it continues "to operate uninterrupted and in full compliance with all relevant laws and regulations."

"Chevron ( CVX ) remains focused on the safety and wellbeing of our employees, as well as the integrity of our assets," the company said.

PDVSA and CNPC did not immediately reply to Reuters' request for comment, the report said.

Chevron ( CVX ) shares were up more than 6% pre-bell Monday.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)